Confidence up at all? Vendors refuse $1.425m for block

MARKET confidence is being able to knock back $1.425m offers on a 675 sq metre housing block on the Sunshine Coast.

That is what the vendors of a piece of land at 19 Victoria Tce, Shelly Beach, have done.

There were seven registered bidders at the auction conducted by Andrew Garland of Ray White Caloundra. The bidding pushed out to $1.425m before being passed in with negotiations now pushing towards a deal.

The owners may have had an eye on the progress of another beachfront sale at 7 Watson St, Currimundi, where the numbers are of Lotto proportions.

There a 625 sq m block was passed in at auction last June with the vendors unhappy with the $1.9m highest bid.

It has been sold with settlement pending for a price a lot closer to the $2.5m the vendor is believed to have been seeking, setting what is believed to be the highest price for any land traded on the Sunshine Coast in the past 12 months.

The block was one of two which had formed an amalgamated parcel with a home across both lots.

It was sold in November, 2011, according to RPData, for $4.1m. The new owners won approval to subdivide the parcel back into its original two lots and the house was pulled down.

"The market had dried up but it's moving again,'' Mr Garland said.

All market segments are performing better than they have previously since the global financial crisis.